Business Research Methods

What is Research? Research is the process of finding solutions to a problem after a thorough study and analysis of the situational factors.

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Purpose of Research
Research is whatever field of inquiry has four purposes, i.e., describing, explaining and predicting phenomena and ultimately controlling events.

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Business Research
Definition: Business Research is the pursuit of truth with the help of study, observation, comparison and experiment. It is concerned with search for knowledge through objective and systematic method of finding solution to a business problem.

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Cont
Business Research is also performed To discover answers to questions through the application of scientific procedures. To find out the truth which is hidden and which has not been discovered as yet. To gain familiarity with a phenomenon. To portray accurately the characteristics of a particular individual, situation or a group.
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Example for Business Research

If a company sales are not increasing or its product A was earning the higher margin of profits and it suddenly stopped producing those margin so ultimately it will create concern for the top management. So to dig out the reason for low sales of that product company carry out the research and hire skilled full personnel or assign this task to its concerned R&D department. So this research will be regarded as Business Research.
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Significance of Business Research

Research is very much significant in collecting information on the economic and social structure of the nation; which indicates what is happening in the economy and what changes are taking place. Research has its special significance in solving various operational and planning problems of business and industry.
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Cont
It helps to people in business and industry that are responsible for taking business decisions. Given knowledge of future demand, it is generally not difficult for a firm, or for an industry to adjust its supply schedule within the limits of its projected capacity.

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Cont
Research with regard to demand and market factors has great utility in business. Business budgeting, which ultimately results in a projected profit and loss account, is based on sales an estimate which in turn depends on business research. Market analysis has become an integral tool of business policy these days.
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Cont
Once sales forecasting is done, efficient production and investment programmes can be set up around which are grouped the purchasing and financing plans. Many companies use the research in marketing to discover the changing trends in the market, to specific location. So research has become the need for the business due to the tough competition in the market. So many companies are doing different research for their product development for increasing their sales volume.
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Cont
Research is significant in marketing simply to aid decision making with respect to environmental scanning, market segmentation, selecting the target market, product acceptance, deciding on whether to cease production of a product or not.

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Objectives Business Research

To determine the frequency with which something occurs or with which it is associated with something else and to test a hypothesis of a casual relationship between variables. To understand the market trends, or find the optimal marketing mix, devise effective HR Policies, or find the best investment options.

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Types of Research
Analytical Research Applied Research Fundamental Research Quantitative Research Attitude or Opinion Research Qualitative Research Motivation Research Conceptual Research Empirical Research Descriptive Research or Ex -post facto Research Categorical Research

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Longitudinal Research Field setting or Laboratory or Simulation Research Clinical or diagnostic Research Exploratory Research Formalized Research Historical Research Target oriented Research Decision-oriented Research Operation Research Market Research

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Exploratory Research
When a researcher wants to deal with a new issue or try to begin a new research is called exploratory research. The objective of such research is to formulate very precise questions that can answer in future research. It might be the first stage of the series of studies.

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Causal Research
If the objective is to determine which variable might be causing certain behaviour, i.e. whether there is a cause and effect relationship between variables, causal research must be undertaken. In other words causal research is undertaken to see if there is a cause and effect relationship between variables.

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Theoretical Research
What is Theory? A theory is a systematic description of how parts of the world relates to one another and offers a framework for understanding how things in the world work. Theory enables prediction.

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Theoretical Research
Definition: Theoretical research is research in which the goal is to prove or disprove a hypothesized truth. The theoretical should be associated with systematic procedures, reliable and valid measures of constructs, and appropriate statistical tests.
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Empirical Research
Empirical research is a research approach in which empirical observations (data) are collected to answer research questions. Empirical Research can be defined as research based on experimentation or observation (evidence)

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Cross-Sectional Research
A cross-sectional research entails the collection of data on more than one case and at a single point in time in order to collect a body of quantitative or quantifiable data in connection with two or more variables (usually many more than two), which are then examined to detect pattern of association.

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Time Series Research

In a time series research design, data is collected from the sample or population at successive intervals.

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